DUBAI: Most stock markets in the Gulf dropped on Monday following a decline in oil prices, as investors waited for an OPEC+ meeting later this week for an agreement expected to curb supplies into 2024.
Oil prices - a catalyst for the Gulf’s financial markets - had tumbled in the middle of the week after the Organization of the Petroleum Exporting Countries and their allies postponed a ministerial meeting to Nov. 30 to iron out differences on production targets for African producers.
Brent fell 1.2% to $79.69 a barrel by 1230 GMT on Monday. The Qatari index was down for the fourth consecutive session, ending 1.1% lower, the sharpest drop in a month with almost all stocks in the red.
Industries Qatar slumped 3.4%, the steepest fall since August 8, and Qatar Islamic Bank lost 1.6%.
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